XAUUSD Reverses Gains

• 18 Jun 2021

USD/JPY

USDJPY has moved to test the 110.69 resistance line yet a rejection has taken price action back towards the ascending trendline- which is well established as a key support area. Any approach towards the trendline is expected to result in a bullish rebound. Momentum indicators are bullish with upward trajectories.

 

 

 

 

GBP/USD

The GBPUSD pair has broken the ascending trendline and the 1.399 support level to the downside. The next support level is at the 1.380 price line. However, buyers have returned in early trading which may result in the pair ranging. Momentum indicators have downward trajectories.

 

 

 

 

EURUSD

The Eurodollar continues to sell-off as yet another support line is breached at the 1.198 price level. Buyers have returned in early trading and the pair may now languish within the 1.184-1.198 range. Momentum indicators suggest the pair is oversold.

 

 

 

 

USDCHF

The USDCHF is moving towards the 0.922 resistance area as strong bullish conviction has fueled US dollar buying.   Momentum does appear to be slowing and the pair may lack the support to return to the previous higher trading range. Momentum indicators are signaling that the pair is overbought.

 

 

 

 

USDCAD

The USDCAD has rallied towards the 1.241 resistance level which represents the lower bound of a previous consolidation channel. Fundamental factors will determine the trajectory for the pair. Momentum indicators are testing overbought conditions.

 

 

 

 

XAUUSD

XAUUSD has broken the 1792 support level where buyers have begun to return. The metal is close to reversing all the gains of the previous rally, moving towards the base of the rally at the 1683 support area. Momentum indicators have suggest the metal is oversold.

 

 

 

 

USOUSD

The USOUSD is pulling back from the 72.44 resistance line as price action begins to turn bearish. A target exists at the 66.72 support level yet conviction from both buyers and sellers remains low. Momentum indicators are undergoing bearish reversals.